Under the agreement, the MeridianBet group of companies will become wholly owned subsidiaries of Golden Matrix, providing access to new and fast-growing regulated B2C markets. This acquisition positions Golden Matrix for organic growth and further acquisitions, utilizing synergies in core markets through the MeridianBet brand and other GMGI B2C brands.
Headquartered in Malta, MeridianBet operates in multiple markets across Europe, Africa, and Latin America. The combined revenue of the two businesses is expected to exceed $100.0m in the 2022 financial year, with an estimated EBITDA greater than $22.0m. Both companies will continue operating under their existing brands, and the board structure will remain mostly unchanged, with William Scott joining as chairman.
Golden Matrix will fund the deal by issuing 65.3 million common shares to MeridianBet stockholders and paying $70.0m in cash. Completion of the acquisition is expected in the first half of 2023, subject to customary closing conditions including funding, due diligence, shareholder approval, and regulatory approvals.
Golden Matrix CEO Brian Goodman expressed confidence in the acquisition’s potential to expand into new B2C verticals and markets outside of their core markets, while MeridianBet CEO Zoran Milosevic expects the merger to set an industry standard in worldwide gaming platforms and facilitate expansion into markets such as Brazil and the US.
In addition to the MeridianBet deal, Golden Matrix acquired the remaining 20% interest in UK-based prize draws brand RKings. This acquisition had a positive impact on Golden Matrix’s performance in the first and second quarters of its 2022 financial year.
